Saudi leads GCC primary issuances in 1H 2025

Saudi Arabia claimed the second-highest value of primary issuances across the GCC, accounting for 52% of the total regional value of issuances in 1H 2025, a recent report (pdf) by Kuwait Financial Centre (Markaz) showed. The Kingdom raised USD 47.9 bn across 71 bonds and sukuk issuances during the first six months of the year.

Elsewhere in the region: The UAE came in second place, with Emirati entities raising USD 24 bn through 69 issuances during 1H this year, accounting for 26% of the total regional value. Qatari entities came in third place, with USD 10 bn raised across 58 issuances, a slight dip from 1H 2024, while Bahraini entities raised USD 5.6 bn through seven issuances. Then come Kuwaiti entities with USD 3.39 bn from four issuances, followed by Omani entities with less than USD 1.1 bn across six issuances. The Kuwaiti government returned to the debt market for the first time since 2017 with a USD 1.6 bn bond issuance, which was primarily marketed to local banks.

More issuances at a smaller value: While the region saw 215 sovereign and corporate issuances during 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to USD 92 bn.

Corporate issuances take the lion's share: Total GCC corporate primary issuances jumped 67% y-oy during the period to reach USD 60.2 bn. Government-related entities accounted for 12% of the total, issuing USD 11.2 bn worth of debt.

Saudi Arabia also seized the largest chunk of corporate issuances in the region, with a total of USD 28.5 bn. The single largest corporate issuance came from the Public Investment Fund (PIF) with a value of USD 2.4 bn.

A wider look at the macro picture: While the number of GCC bonds and sukuk primary issuances surged to 215 sovereign and corporate issuances during the 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to hit USD 92.0 bn, down from USD 97.4 bn a year earlier.

Saudi Arabia also takes the lead on this front: Saudi Arabia dominated the GCC debt market of bonds and sukuk in the 1H 2025, accounting for 52% of the total regional value. Saudi entities raised USD 47.9 bn across 71 bonds and sukuk issuances during the period. However, this marks a 19.76% y-o-y dip from USD 59.7 bn through 40 issuances in the first six months of 2024.

ALSO- Conventional issuances in the region saw a 7.8% y-o-y rise to USD 51.6 bn in 1H 2025, with the Saudi government emerging as the largest single issuer of conventional bonds during the period, with a total value of USD 5 bn. However, sukuk issuances in the region dropped 18% y-o-y during the period, totalling USD 40.4 bn.

USD-dominated issuances overwhelmingly led the region's debt market during the period, with a total of USD 73.1 bn through 146 issuances. This represents a substantial 79% of the region’s total value raised through primary issuances. SAR-dominated debt ranked second by value, raising USD 7 bn from eight issuances.